reports
- Tomi Railo
Metso (Buy, TP: EUR11.00) - Relatively good place to be
We reiterate our BUY and EUR11 target price, with only small estimate changes following the Q1 results (which brought stronger orders but softer earnings than we expected). Despite general uncertainties, we continue to view Metso’s end-market exposure, financials and valuation as attractive.
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- Pierre FerraguÊ
- Mattias Holmberg
Autoliv (Buy, TP: SEK1050.00) - Solid Q1 despite tough landscape
We view the balance of 2025 as highly uncertain given tariffs and the demand outlook, but view Autoliv’s solid Q1 and reiterated 2025 guidance as signs of confidence from the company. We believe Autoliv will have to carry at least some of the tariff costs (management says all will be passed on), and thus remain below the 10–10.5% EBIT margin guidance (we estimate 9.9%). We reiterate our BUY, as we see almost 40% EPS growth in 2024–2026e. We have raised our 2025e adj. EBIT by 6%, but cut our targ...
- Jesper Ingildsen
Embla Medical (Buy, TP: DKK34.00) - All eyes on tariffs
We expect a slower start to the year than previously, but a likely decent Q1 EBITDA margin, helped by last year’s cost cutting and product mix. We expect the focus to be on potential tariff effects, where we estimate a 10–15% hit on EPS mainly related to Bracing & Support (B&S) produced in China and sold to the US. We reiterate our BUY, but have reduced our target price to DKK34 (39).
FLS opens new mill liner manufacturing facility in Chile that operates...
FLS opens new mill liner manufacturing facility in Chile that operates with 100% renewable energy and water reuse PRESS RELEASE FLSmidth & Co. A/S14 April 2025, Copenhagen, DenmarkFLS has inaugurated its new manufacturing facility for mill liners and related products in Casablanca, Chile, an important investment supporting the company’s strategic focus on mill liners in line with its CORE’26 strategy and MissionZero sustainability ambitions. The opening comes on the heels of the announcement of its new mill liner recycling service offering launched last week.FLS invested more than DKK 160 m...
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- Lara Mohtadi
VOLV B VOLVO AB CLASS B
WRT1V WARTSILA OYJ ABP
ABB ABB LTD.
SAND SANDVIK AB
TREL B TRELLEBORG AB CLASS B
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
HPOL B HEXPOL AB CLASS B
ALFA ALFA LAVAL AB
MTRS B MUNTERS GROUP
HEXA B HEXAGON AB
EPI A EPIROC AB
NIBE B NIBE INDUSTRIER AB
ATCO A ATLAS COPCO AB
ALIV SDB AUTOLIV INC.
FLS advances sustainability through innovation with its new mill liner...
FLS advances sustainability through innovation with its new mill liner recycling service offering PRESS RELEASE FLSmidth & Co. A/S10 April 2025, Copenhagen, Denmark Leading mining technology and service supplier FLS introduces its new mill liner recycling services offering, underscoring its commitment to sustainability and to supporting customers with productivity-enhancing mill liner solutions. The comprehensive recycling solution for composite and rubber grinding mill liners has just been launched in Chile to service customers across South America with plans for global expansion at a l...
- ABGSC Healthcare Research
- Morten Larsen
- ABGSC Healthcare Research
- Morten Larsen
- Tomi Railo
FLSmidth (Buy, TP: DKK330.00) - Increased risks
For the Q1 results (due on 14 May, details TBA), we focus on orders and outlook comments. Our Q1e Mining orders and clean EBITA are below post-Q4 consensus. We have cut our 2026–2027e clean EPS by c13% on average on lower-than-expected order announcements, lowered demand views and FX. We reiterate our BUY, but have cut our target price to DKK330 (430).
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- Lara Mohtadi
VOLV B VOLVO AB CLASS B
WRT1V WARTSILA OYJ ABP
ABB ABB LTD.
SAND SANDVIK AB
TREL B TRELLEBORG AB CLASS B
MOCORP METSO OUTOTEC OYJ
ASSA B ASSA ABLOY AB CLASS B
SKF B SKF AB CLASS B
HPOL B HEXPOL AB CLASS B
ALFA ALFA LAVAL AB
MTRS B MUNTERS GROUP
HEXA B HEXAGON AB
EPI A EPIROC AB
NIBE B NIBE INDUSTRIER AB
ATCO A ATLAS COPCO AB
ALIV SDB AUTOLIV INC.
- ABGSC Capital Goods Research
- Anders Idborg
- Karl Bokvist
- Tomi Railo
Extraordinary Restricted Share Unit programme to retain key employees
Extraordinary Restricted Share Unit programme to retain key employees COMPANY ANNOUNCEMENT NO. 6-2025 3 April 2025, Copenhagen, Denmark The Board of Directors of FLSmidth & Co. A/S have today allocated restricted share units (RSUs) to members of the Executive Management and key staff (25 persons in total) to retain strategic resources to execute on the transformation of FLSmidth and position the company for the next leg of its strategic journey. The maximum number of restricted shares allocated is 44,021, of which 18,866 pertain to members of the Executive Management. The vesting period...
Long-Term Incentive Programme 2025
Long-Term Incentive Programme 2025 COMPANY ANNOUNCEMENT NO. 5-2025 3 April 2025, Copenhagen, Denmark The Board of Directors of FLSmidth & Co. A/S has today allocated performance shares to members of the Executive Management and key staff (107 persons in total) as part of the Group’s Long-Term Incentive Programme. The primary purpose of the programme is to retain key staff and to align the interests of shareholders and the incentive programme participants by rewarding performance in accordance with the company’s strategy and its long-term financial targets. The number of performance sha...
Resumé af FLSmidth & Co. A/S’ ordinære generalforsamling
Resumé af FLSmidth & Co. A/S’ ordinære generalforsamling COMPANY ANNOUNCEMENT NO. 4-2025 2 April 2025, Copenhagen, Denmark Onsdag den 2. april 2024 kl. 16:00 afholdt FLSmidth & Co. A/S ordinær generalforsamling på selskabets adresse, Vigerslev Allé 77, 2500 Valby, med følgende dagsorden: 1. Bestyrelsens beretning om selskabets virksomhed i 2024 2. Forelæggelse og godkendelse af årsrapport for 2024 3. Godkendelse af honorarer til bestyrelsen: Endelig godkendelse af honorarer for 2024Foreløbig fastsættelse af honorarer for 2025 4. Anvendelse af overskud ell...
Summary of FLSmidth & Co. A/S’ Annual General Meeting
Summary of FLSmidth & Co. A/S’ Annual General Meeting COMPANY ANNOUNCEMENT NO. 4-2025 2 April 2025, Copenhagen, Denmark On Wednesday 2 April 2025 at 4:00 p.m. CEST, FLSmidth & Co. A/S held its Annual General Meeting at the offices of the company, Vigerslev Allé 77, DK-2500 Valby, with the following agenda: 1. The Board of Directors’ report on the company’s activities in 2024 2. Presentation and approval of the 2024 Annual Report 3. Approval of the Board of Directors’ fees: Final approval of fees for 2024Preliminary determination of fees for 2025 4. Distri...
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